Among many notable developments that Bitcoin has documented over the years, speculation is running wild now whether the Bitcoin devs are mulling over launching Bitcoin 2.0.
With Ethereum 2.0 and Luna 2.0 in the minds of crypto-enthusiasts, BlockTower founder Ari Paul claimed a Bitcoin 2.0 is coming via a soft fork.
Posting on Twitter, Paul claimed that Bitcoin 2.0 could be introduced in 2024-25.
Bitcoin 2.0 Soft Fork?
Founder of Crypto asset investment firm BlockTower, Ari Paul made waves when he claimed that Bitcoin 2.0 is currently in development and could launch as a "soft fork" in 2024-25.
While responding to Peter McCormack on Twitter, Paul claimed with confidence that Bitcoin 2.0 is a requirement of today. He said the core Bitcoin developers plan to deliver it around 2024-2025.
Paul further backed his Bitcoin 2.0 claim, adding that he's been told by some of the most senior bitcoin core devs that a soft fork update is currently under work and will be introduced in the coming few years.
A soft fork in the blockchain ecosystem is as a "backward compatible upgrade," to the network. Implementing a soft fork in blockchain can simply mean enhancing the existing functionalities of the protocol without having to create a separate base or blockchain for those functions to thrive in the long run.
Paul said there would be "no other plausible way" for a large percentage of the world to use Bitcoin. He also added that the Lightning Network cannot scale as a decentralised project.
After Bitcoin's Taproot upgrade, the proof-of-work network has not undergone any other major upgrades.
However, it seems the description of a Bitcoin 2.0 might have been a bit too far.
Bitcoin 2.0 Comments Garner Criticism
After Paul first made the comments about Bitcoin 2.0, several other users pushed back against the claim.
McCormack, who first posted that there is no need for a Bitcoin 2.0, responded to Paul. He said: "A soft fork is not a v2."
One Twitter user also added how he's been closely following the Bitcoin Core Devs updates and that the only soft fork upgrades he's heard of are APO and CTV ATM.
A Bitcoin Stack Exchange moderator also agreed, stating that the two soft forks they had heard about did not "fit a Bitcoin 2.0 label".
Paul responded to the criticisms, which mainly focused on the term Bitcoin 2.0. "Seems like most are just trying to police language and don’t want “2.0” being used to refer to a soft fork?"